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Analyzing Complex Appraisals for Business Professionals by John Lifflander, Shannon P. Pratt

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Chapter 5

Analyzing the Commercial Appraisal

Commercial appraisals include a wide range of income-producing properties, such as apartment complexes, retail strip centers, shopping centers, office buildings, medical buildings, and hotels and motels. The income approach to value is the predominant and normally the most reliable approach to use for appraising income-producing commercial properties.

The Income Approach

The income approach is based on the principle of anticipation that can be defined as follows:

The perception that value is created by the expectation of benefits to be derived in the future.1

This concept of anticipation might also be understood in considering what buyers and investors normally seek in purchasing income property: the ...

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